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The following is an overview of the recent Honeynet Project and Research Alliance study called 'Know your Enemy:Phishing' aimed at discovering practical information on the practice of phishing. This study focuses on real world incidents based on data captured and analyzed from the UK and German Honeynet Project revealing how attackers build and use their infrastructure for Phishing based attacks. "This data has helped us to understand how phishers typically behave and some of the methods they employ to lure and trick their victims. We have learned that phishing attacks can occur very rapidly, with only limited elapsed time between the initial system intrusion and a phishing web site going online..." more